Sarah used to be a music teacher at a local school, but got let go last year due to budget cuts. Sarah now works part-time as a waitress while looking for another teaching job. Sarah would be considered:
A. frictionally unemployed.
B. underemployed.
C. structurally unemployed.
D. real-wage unemployed.
B. underemployed.
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In the long run the perfect competitor makes
A. zero economic profits and zero accounting profits. B. some economic profits but zero accounting profits. C. some accounting profits but no economic profits. D. some accounting profits and some economic profits.
A classical economist believes that
A) if the economy was left alone, it would rarely operate at full employment. B) the economy is self-regulating and always at full employment. C) the economy is self-regulating and will normally, though not always, operate at full employment if monetary policy is not erratic. D) the economy is self-regulating and will normally, though not always, operate at full employment if fiscal policy is not erratic.
Government intervention always reduces monopoly deadweight loss
a. True b. False Indicate whether the statement is true or false
Figure 10.2 shows a monopolist's demand curve. Suppose that the marginal cost is $6 for all units and the current output level is 4 units. Then what would you recommend to the firm?
A. Lower the price to sell more units. B. Raise the price and sell fewer units. C. Maintain the current price and output level. D. There is not sufficient information.